Services activity at 1-yr high on rise in demand, favourable mkt conditions

If growth sustains in March, GDP may expand in Q4, contrary to official forecast

Services sector activity grew at its fastest pace in a year, helped by improved domestic demand and more favourable market conditions, even as their exports continued to decline in February, showed a monthly survey.
 
However, firms continued to slash workforce as input cost inflation touched an eight-year high amid reports of higher freight, fuel and retail prices, according to the widely tracked IHS Markit purchasing managers' index (PMI) survey.
 
PMI rose to 55.3 in February from 52.8 in January, owing to a quicker increase in new orders.
 
Before this, PMI was the highest at 57.5 in February